Stocks to Watch: Adani Power, Glenmark Pharma, Union Bnk, SJS, Paytm, RITES

Stocks to watch on August 22, 2023: As per reports, about 30 per cent equity worth Rs 541.5 crore will change hands via a block deal in SJS Enterprises today

Indices Sensex and Nifty are eyeing a start with minor weakness on Tuesday amid dismal global cues after the US 10-year bond yield surged to a 16 year high of 4.35 per cent on Monday. At 7:00 am, the Gift Nifty Futures stood flat at 19,393 levels, as against Nifty Futures' Monday close.

The US markets ended mixed overnight. Dow Jones was down 0.11 per cent, while NASDAQ Composite, and the S&P 500 rallied up to 1.6 per cent.

Asia-Pacific markets largely rose in early deals. Key indices Nikkei 225, Topix, S&P 200 indices gained up to 0.5 per cent.

Meanwhile, here are some stocks to watch out in trade today: 

Adani Power: The company has targeted a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at Rs 26,690 crore in FY24 vs Rs 24,350 crore in FY23, showed an investor presentation. 

Union Bank of India: The board has approved to raise up to Rs 5,000 crore from a Qualified Institutions Placement. It set the floor price at Rs 91.10 apiece for the issue opened on Aug. 21. 

Adani Enterprises: Founder firm Kempas Trade and Investment bought 2.53 crore shares (2.22 per cent) in the company from the open market between Aug 7 to Aug 18. The company has also incorporated a wholly-owned subsidiary Sirius Digitech International to provide digital solutions and services. 

Glenmark Pharma: The company has reached an antitrust settlement with the US Department of Justice, Antitrust Division (DOJ) subject to a $30 million fine with regard to historical pricing practices of Pravastatin drug. It has entered into a three-year Deferred Prosecution Agreement. If it adheres to the terms of the agreement, including the payment of $30 million, payable in six instalments, the DOJ will dismiss the pending superseding indictement. 

SJS Enterprises: As per a report by CNBCTV-18, about 30 per cent equity worth Rs 541.5 crore will change hands via a block deal today. Evergraph Holdings will sell up to 29.53 per cent out of its 34.15 per cent stake in the company. 

Sanghi Industries: Ambuja Cements has made an open offer to acquire a 26 per cent stake for Rs 767.16 crore. The offer opens on Sept. 29 and closes on Oct. 13. 

Tata Power: The company's arm Tata Power Renewable Energy signed a power purchase pact with Tata Motors for 9 MWp on campus solar plant at Pantnagar in Uttarakhand. The project will be commissioned within six months. 

Welspun Enterprises: The company acquired 50.10 per cent stake in Michigan Engineers from Authum Investment & Infrastructure and Sansaar Housing Finance for Rs 137.07 crore. Post acquisition, Michigan becomes a subsidiary. 

Lemon Tree Hotels: The hotel chain has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar is expected to be operational by Q4FY25, and the hotel in Kasauli is expected to be operational by Q3FY26. 

Brigade Enterprises: The south-based real estate developer has entered into a sale deed for acquiring 6.54 acres of land parcel in Chennai in which a residential project will be developed. 

BLS International: The company's subsidiary BLS International FZE is in a process to subscribe to 100 per cent share capital of Saudi Arabia-based BLS International Travel & Tourism. 

RITES: The company signed an MoU with NHPC to collaborate on comprehensive consultancy services for rail infrastructure facilities for NHPC’s hydropower projects in Arunachal Pradesh. 

Rail Vikas Nigam: The company has incorporated a wholly-owned subsidiary Masakani Paradeep Road Vikas.

Eris Lifesciences: The pharma company has entered into term loan agreement to avail the rupee term loan facility worth Rs 120.82 crore from Citi Bank NA. However, the consolidated net debt of the company is not expected to be altered due to this development as an equivalent amount is expected to be paid by Eris Oaknet Healthcare (EOHPL) to Citi bank towards repayments of outstanding loans over the next fortnight.

One 97 Communications: The 23rd Annual General Meeting of the Paytm operator is scheduled to be held on September 12.